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FTSE to implement upweight of HDFC Bank in three tranches
August 08, 2023
The revised free float of HDFC Bank, as a consequence of its merger with Housing Development Finance Corporation (HDFC), will be implemented in three tranches starting from September 2023 onwards, FTSE Russell said in a notification issued on August 7.
“FTSE Russell proposes to implement the upweight of HDFC Bank in three tranches in conjunction with the September 2023, December 2023, and March 2024 index reviews, with the December and March tranches contingent on the company’s foreign headroom continuing to satisfy the minimum 10 percent headroom requirement,” the notification stated.
Currently, the shares in the issue amount to 308.2 crore, with an investability weight of 95.9 percent. The index shares add up to 295.8 crore.
In the first tranche of September, the shares in issue will come in at 754.49 crore, with an investability weight of 74 percent, and the index shares will be numbered at 383.3 crore. The tranching factor at this stage will be 33 percent, as per the details shared by FTSE.
In the second tranche of December 2023, the tranching factor will increase to 66 percent, the shares in issue will be 754.49 crore, the investability weight will be 74 percent and the index shares will add up to 470.8 crore.
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